NASDAQ, S&P 500 hit record closing highs; six of ‘Magnificent Seven’ stocks rise

The US markets continued their positive run on Tuesday, with the NASDAQ Composite and the S&P 500 hitting all-time closing highs as Treasury yields eased.

The Dow Jones Industrial Average gained 0.49% to close at 51,521.28. The S&P 500 index climbed 0.58% to 7,818.93, while the NASDAQ advanced 0.45% to 27,599.79.

Except Meta Platforms, six other components of "Magnificent Seven" stocks - Alphabet, Amazon, Apple, Microsoft, Tesla and Nvidia - surged.

Marvell Technology shares climbed 5.81% after the chipmaker raised its revenue guidance for the financial year 2027-28.

In the investor day conference on Tuesday, CEO Matt Murphy said, "We expect approximately $20 billion in total company revenue in FY28, representing about 67% year-over-year growth."

The firm had earlier projected a revenue guidance of $18 billion in fiscal year 2028.

Advanced Micro Devices closed 2.8% higher at $649.42 apiece due to growing optimism about demand driven by artificial intelligence (AI) agents. Analysts at Citi have hiked the price target for the stock as they see CPU demand growth due to the growing popularity of AI agents such as Meta Muse and OpenAI's Dots.

Alphabet, which ended with gains of 0.2%, has announced a nuclear power deal with Constellation Energy. According to the 20-year deal, the company will purchase 890 megawatts (MWs) of nuclear energy as it continues to expand its AI capabilities.

Other stocks that closed in green include Constellation Energy Corp, Astera Labs, Cisco Systems, Broadcom, Nike, Walmart, Ciena Corporation, Vistra Corp, NRG Energy, EMCOR Group, Quanta Services and Royal Caribbean Cruises, among others.

The 10-year US Treasury yield declined to 5.269%. The 30-year yield fell less than 1 basis points to 5.659%.

Brent Crude, the international standard, rose 0.82% to $101.42 a barrel. West Texas Intermediate (WTI) increased 0.93% to $90.27 per barrel.

Meanwhile, the US trade deficit widened in August 2026. The deficit stood at $105.6 billion in August, the highest level since March 2025, when the deficit came at $132.98 billion.